oz By End Of 2022

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., April 29, 2021 /PRNewswire/ -- The pandemic has spurred an historical rise in the price of gold but investors are wondering "Which way will gold go in 2021?" They are asking can the precious metal ever return to the record $2,000 per ounce level reached in August ,2020? The precious metal hit an all-time high of $2,069.40 per ounce in August 2020, driven by weakness in the value of the US dollar as low interest rates and government economic stimulus during the Covid-19 pandemic sent investors toward precious metals. The gold price fell to $1,686 per ounce on March 30 but then hiked to $1,728.40 per ounce on April 1 as the Biden Administration announced a $2 trillion infrastructure spending plan and the prospect of further stimulus measures further increased expectations of higher inflation. Gold is typically held in investor portfolios as a hedge against inflation. So… will the gold price rise in years to come? A recent article on Capital.com addressed this issue, interviewing several industry analysts. It reported that: "According to analysts at Australian bank ANZ, "gold's upside looks limited by rising yield and buoyant risky assets". ANZ's gold price prediction puts the precious metal at an average of $1,850 per ounce at the end of June, rising to $2,000 per ounce by the end of September, but then falling back to $1,900 by the end of 2021 and $1,800 by mid-2022. Analysts as Citibank, as well as ABN, noted that the gold price has dropped below technical support at $1,750-1,765 per ounce, and their year-end target of $1,700 per ounce, before ticking higher." Active stocks in the mining markets this week include St. James Gold Corp. (OTCQB: LRDJF) (TSX-V: LORD), Newmont Corporation (NYSE: NEM) (TSX: NGT) Kinross Gold Corporation (NYSE: KGC) (TSX: K), Teck Resources Limited (NYSE: TECK) (TSX: TECK.A), New Found Gold Corp. (OTCPK: NFGFF) (TSXV: NFG).

Capital.com continued quoting Wenyu Yao, senior commodities strategist at ING bank, who added: "Meanwhile, cryptocurrencies do appear to have stolen gold's thunder, and it's particularly true given cryptocurrencies' possible wider acceptance from institutional investors… Further ahead, should inflation overshoot expectations, this may see risk-conscious investors return to gold. Contrary to the outlook from analysts, the latest gold forecasting from algorithm-based site Wallet Investor shows the price trending higher in the coming years. It predicts gold will rise from $1,739.74 per ounce at the end of June and $1,852.69 at the end of December. For the longer term, the service predicts the price to reach $2,093.05 per ounce at the end of 2022, $2,377.07 per ounce by the end of 2023 and $2,898.61 per ounce at the end of 2025."